From the article: ... And here's an update from the Guardian: UK government will underwrite £1.5bn loan guarantee to Jaguar Land Rover after cyber-attack ... ...
From the article:
Britain's biggest carmaker Jaguar Land Rover is extending the closure of its factories until October 1 following a cyberattack in early September that has left its operations paralysed and smaller suppliers struggling.
The luxury carmaker, owned by India's Tata Motors (TAMO.NS), opens new tab, has three factories in Britain, which together produce about 1,000 cars per day. The company is losing 50 million pounds ($68 million) a week, according to the BBC, with many of its 33,000 staff told to stay at home.
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The automaker failed to finalise a cyber insurance deal brokered by Lockton ahead of the incident, and appears to be uninsured directly for the attack, three senior cyber insurance market sources told The Insurer. JLR declined to comment.
British business minister Peter Kyle and industry minister Chris McDonald visited JLR on Tuesday and talked to the CEO and senior executives about the impacts of the attack and how the company can work towards restarting production.
The loan, from a commercial bank, is expected to give the company’s suppliers some certainty.
The government will give its backing to the loan through the export development guarantee, which is aimed at helping UK exporters.
It will be paid back over five years.
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On Saturday, a report in the Sunday Times said JLR was planning to reopen its £500m engine manufacturing centre in early October, with suppliers put on notice that production at its Wolverhampton facility would resume on 6 October subject to tests.
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Following the cyber-attack, the company was forced to shut down most of the systems it uses to track parts, vehicles and tooling in its factories, as well as everything to do with selling its luxury Range Rover, Discovery and Defender SUVs.
JLR has subsequently restarted some IT systems and regained the ability to repay suppliers, send parts to mechanics to repair vehicles on the road, and send finished cars at its factories to showrooms.
From the article:
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And here's an update from the Guardian:
UK government will underwrite £1.5bn loan guarantee to Jaguar Land Rover after cyber-attack
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They let their insurance lapse?! The hubris is breathtaking...